BTC - It's going to be a very interesting week

Quick BTC daily chart update.

BTC is below its Bollinger Bands Middle Band Basis 20 period SMA on the daily chart.

The Bollinger Bands Lower and Upper Bands are expanding apart indicating volatility has increased.

BTC is way below its Volume Point of Control (POC) for this visible range on this daily chart.

BTC has broken downwards out of its Symmetrical Triangle on this daily chart.

BTC had wicked out of its Descending Triangle pattern but has managed to close a daily candle back inside the pattern. The bottom of the descending triangle pattern is at the same level as where the WEEKLY 50EMA currently is.

This BTC weekly 50EMA is a very crucial level. Remember that we are at the beginning of the week so the weekly candle has a possibility to wick below the weekly 50EMA as it has done so tonight, but it’s crucial that BTC CLOSES THIS WEEKLY CANDLE above the weekly 50EMA.

The Chaikin Money Flow (CMF) is indicating BTC is still in the Accumulation Zone with the CMF Line (Green Line) at 0.06 and above its Least Squares Moving Average (LSMA) which is at 0.03.

It should be a very interesting week.

I hope this is helpful with your trading and hodl-ng.

Comment:

If we look at the Average Directional Index (ADX DI), we can see that the -DI (Red Line) is still above its +DI (Green Line). The ADX is indicating a strong downtrend for this timeframe with the ADX (Yellow Line) at 54.85 above its 9 Period EMA (White Line) which is at 53.98. Notice however that the -DI (Red Line) has dropped slightly to 27.62 and the +DI (Green Line) is now starting to curve back sideways at 7.41.

Here is a look at the BTC Weekly Chart. BTC needs to close this weekly candle above the weekly 50EMA. We should expect quite a few wicks below the weekly 50EMA during this week.